Campbell’s Soup disagreed with Commerce Sec. Wilbur Ross after he claimed the new Trump tariff on steel would not make a difference on prices.
Video of Ross on CNBC:
Ross said, “In a can of Campbell’s Soup, there are about 2.6 pennies worth of steel. So if that goes up by 25 percent, that’s about six-tenths of 1 cent on the price on a can of Campbell’s soup,” Ross argued. “I just bought this can today at a 7-Eleven … and it priced at a $1.99. Who in the world is going to be too bothered?”
Campbell’s Soup made it clear that consumers, especially economically vulnerable ones, would be harmed by the tariff, “Any new broad-based tariffs on imported tin plate steel — an insufficient amount of which is produced in the U.S. — will result in higher prices on one of the safest and more affordable parts of the food supply.”
Campbell’s was right. People on fixed or low incomes depend on affordable food options to stretch their limited dollars as far as they can go. For a person on a fixed income, the Trump tariff could result in their grocery bill going each week. It might be a few dollars or even more, but for people who have little money to begin with $10 or $20 extra a month is unaffordable.
For rich people like Trump and Wilbur Ross, the tariff is no big deal, but aluminum and steel play a role in almost every packaged or prepared product that Americans purchase. Campbell’s Soup wants nothing to do with Trump’s terrible tariff idea that will raise costs both on the company and their customers.
Mr. Easley is the founder/managing editor and Senior White House and Congressional correspondent for PoliticusUSA.Jason has a Bachelor’s Degree in Political Science. His graduate work focused on public policy, with a specialization in social reform movements.
Awards and Professional Memberships
Member of the Society of Professional Journalists and The American Political Science Association